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Cabo Drilling Corp. Awarded Contract by Brent Krude International and Forms Regional Strategic Relationship

Cabo Drilling Corp. (TSX-V: CBE) (“Cabo” or the “Company”) announces that Brent Krude International (“BKI”) has awarded Cabo a Consultation & Technical Assistance Contract for coal & directional drilling services thereby forming a strategic relationship with the Company to facilitate and perform specialized drilling operations in India.

Under provisions of the strategic alliance, Cabo will supply the technology, via on-site drill technicians, to coordinate and perform specific types of specialized and directional drilling operations. Cabo’s experienced team will provide consultation and technical assistance with respect to drilling techniques, drilling operations management, drill equipment requirements, safety and environmental procedures and policies.

BKI will provide the project management and overall project coordination on the various directional projects in India. BKI will also provide specialized equipment, tools and consumables for the operations. The BKI drilling accessory and equipment supply operations are based on BKI’s unique drilling technology expertise, and strong understanding of geology and exploration.  BKI combines this with extensive insight into resource industry customer requirements.

Cabo President and Chairman John Versfelt states, “We are pleased to bring Cabo Drilling Corp.’s drilling expertise into this new market area.  Brent Krude International’s solid reputation in project management and drilling product resources, along with Cabo’s directional drilling expertise, will provide the client with extensive experienced insight and advanced drilling performance value.”

About Brent Krude International

Brent Krude International is a mining, oilfield and geological services and accessory supplier with advanced product lines and innovative solutions.  BKI, located in Maple Ridge BC, is emerging as a leader within selected areas of drilling accessories, materials and equipment supplies to Asia, Middle East and Europe. 

About Cabo Drilling Corp.
Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada.  The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD
 
John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.  For general investor relation inquiries you may also contact Renmark Financial Communications Inc. Barbara Komorowski: bkomorowski@renmarkfinancial.com or Arash Shahi: ashahi@renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements.
 


Last Updated: 10/25/2010